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Edition: U.S. Article Comments (0) Slideshow Email Print Reprints Read Factbox: Islamist militant attacks in Europe 29 Sep 2010 Yuan slips; China signals displeasure over US bill 29 Sep 2010 China says U.S. yuan bill violates WTO | 3:07am EDT About 1 in 4 Q2 home sales a foreclosure: report 12:13am EDT Gym culture not working out for the French 28 Sep 2010 Shared China says U.S. yuan bill violates WTO | 3:07am EDT McDonald's may drop health insurance: report 29 Sep 2010 Doping-Cyclist Contador suspended for "adverse finding" 29 Sep 2010 Buffett and Jay-Z trade tips in Forbes interview 22 Sep 2010 Kuehne & Nagel gives upbeat outlook, shares climb 24 Sep 2010 Watched Red faces over top model gaff Tue, Sep 28 2010 Mexican mayor stoned to death Tue, Sep 28 2010 Glowing new fluorescent angelfish Sun, Sep 26 2010 Report Title Price ValuEngine Industry Report for LEISURE Provider: ValuEngine, Inc. $49.0 Buy MGM: Risk/Reward Rating: Full Report: Cash Truth Behind the Reported Earnings Provider: New Constructs, LLC $10.0 Buy MGM MIRAGE (MGM=US) - REPORT FOR ACTIVE TRADERS Provider: Pechala's Reports $25.0 Buy NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here. Special report: How Dubai got serious Tweet This Share on LinkedIn Share on Facebook Factbox FACTBOX-Key political risks to watch in the UAE Wed, Sep 1 2010 Related News Inside Britain's deathbonds scandal Wed, Sep 29 2010 Special report: Tracking Iran's nuclear money trail to Turkey Mon, Sep 20 2010 Related Topics World » United Nations » Stocks 1 / 2 Camels are seen in the early morning on a beach in the Marina area of Dubai October 16, 2008. Once filled with the cacophony of cranes and construction labourers, Dubai today hums to the work of a quieter crowd. The brash Gulf emirate, renowned for extravagant real estate projects and flashy living, has turned into a city of auditors. Picture taken October 16, 2008. Credit: Reuters/Steve Crisp/Files By Amran Abocar and Raissa Kasolowsky DUBAI | Thu Sep 30, 2010 1:28am EDT DUBAI (Reuters) - Once filled with the cacophony of cranes and construction laborers, Dubai today hums to the work of a quieter crowd. The brash Gulf emirate, renowned for extravagant real estate projects and flashy living, has turned into a city of auditors. As they pore over the detritus of last year's debt crisis, the city-state's accountants and lawyers face a task as huge as Dubai's ambitions. The emirate's flagship firm Dubai World has agreed to repay $25 billion of debt -- borrowings that nearly brought down the emirate's economy. The auditors' task is to investigate exactly where the money went, who lined whose pockets, and what other financial landmines might lie in store. Forensic audits at state-linked firms, such as Dubai Holding, are part of a wider corruption probe that has targeted senior figures from Dubai's boom years. But even as the accountants work to get to the bottom of the financial mess, Dubai is changing. Its rescue last year by Abu Dhabi -- details of which Reuters reports here for the first time -- has encouraged the city-state to become more conservative, both politically and socially. Dubai's crisis prompted a shift of power to the rulers in Abu Dhabi, the wealthiest of the seven states that make up the United Arab Emirates. Now a chastened Dubai is recovering some of its confidence as it seeks to convince international investors it can deliver now where last year it failed. Questions remain. With Dubai's old guard at the helm rather than the young high-flyers who many blame for the crisis, can Dubai ever achieve the sort of growth it once boasted? Or, given that the economy depends so heavily on trade and tourism, could it be tempted to return to the excesses of the past? "The Dubai growth model that was talked about so much and propagated in the media -- all that has changed now," says Christian Koch, director of international studies at the Gulf Research Center. "The crisis forced Dubai to take on a much more realistic approach." THE SHOCK OF NAKHEEL Abu Dhabi's ascendancy began in the wake of 2008's global credit crunch. Reports about debt trouble in Dubai's flagship companies had been circulating within government from as early as 2005, though most people seemed happy to ignore them. In 2008, the end of a six-year oil-fueled boom burst Dubai's real estate bubble while the global financial crisis left the emirate unable to refinance looming debt obligations. To help Dubai support its state-linked firms, the national central bank, which is based in Abu Dhabi, had bought $10 billion in Dubai bonds in February, 2009. But Dubai, which has little oil of its own and had embarked on a series of massive building projects to promote its trade and tourism, had much bigger problems. Chief among them was Dubai World, which was struggling to pay its debts. Dubai World's lenders had been quietly rolling over loans since early 2009 and the state-linked company hoped to renegotiate terms, extend maturities and keep paying interest as it worked out a restructuring. But that plan depended on knowing how much government support the company could obtain. Over the summer and through the Muslim holy month of Ramadan, the state committee set up to support Dubai's corporations was ominously quiet on the matter. On November 25, when Dubai's liabilities had reached $59 billion, or nearly a quarter of the United Arab Emirates' federal Gross Domestic Product, officials finally sounded the alarm. The definitive story of how the rescue came together may never be written, but Reuters has pieced together some of the key details of those days. At 6 p.m., as many Emiratis and expats were winding down after work, the Dubai government summoned advisers and senior Dubai World executives to the offices of government lawyers Latham & Watkins. Government officials told the gathering that they had sought a stay of payment on Dubai World's debts. "No-one had anything to say," says one person who was present. Like most people involved in the rescue, they refused to be identified, either for fear of tarnishing their reputations or because they remain involved in the process and are not authorized to speak publicly. 1 2 3 4 5 Next World United Nations Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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